Visa's earnings leap 73 per cent

VISA reported better-than-expected quarterly earnings yesterday, as the world&rsquo;s largest credit card network sold its stake in Brazil&rsquo;s VisaNet, trimmed expenses and consumers used their cards more.<br /><br />Net income rose 73 per cent to $729m (&pound;446m) for the third quarter.<br /><br />But in a bid to conserve cash the company adjusted its estimate of capital expenditure for 2009 to around $300m from a range of $300m to $350m. US payments volume fell 2.5 per cent from the year-ago period. But payments volume continued to grow in all other regions globally.